MetaCoin Update #1

MetaCoin Update #1

Initial MetaCoin Post, for reference:

Note - I’m using DAI and DAI related vocabulary for now because it’s a bit annoying to replace everything with “Coin”, and because it’s looking like the first version will be a fork of MCD.

Development (solve the actual problem)

  • Stefan Ionescu has been working on a demo of the target rate feedback mechanism (TRFM) + MCD system to deploy to Kovan, targeting sometime mid next-week :stuck_out_tongue_winking_eye:

  • Stefan and I are also going to be working together on a document to provide high level updates to our planned design for review by the group (rough outline below)

    • Punt on the Oracle problem, use ChainLink for ETH/USD

      • This eliminates the need for the whole volume-weighted average TCR thing for the ETH/USD target, which means one less thing for the governance to do
      • ideally we should find a way to medianize results from multiple oracles alongside Chainlink and only then update the feeds - exploring this atm
      • Had a call with UMA protocol to explore their system and their oracle (notes)
    • Potentially keep governance around setting SF / TRFM parameters to be able to make adjustments in place for a while in the name of “progressive decentralization”

      • The idea would be to turn off this capability as confidence is built in the system, but also acknowledging that most teams who have tried to decrease their governance input have utterly failed to do so and WE DO NOT WANT TO REPEAT THAT
      • Theoretically we can add an ice age after which we can’t vote on certain things in the system. If we delay or sidestep the ice age it will be perceived as dishonesty and people will flee to other protocols
      • The alternative to this is to YOLO and remove all control from the beginning, and then just reboot if something goes wrong
  • You can read more technical details and follow progress here -